Aztec Minerals (TSXV: AZT) is looking to start 2023 off on a strong note, announcing last night a two phase exploration program for its Cervantes project, found in Sonora, Mexico. The goal of the program is to expand the California and California Norte targets.
The first phase of the exploration program is set to consist of surface exploration focused on road cut, soil and outcrop sampling, SWIR data collection, and geological mapping. The current program, budgeted at $250,000, is slated to collected over 1,300 samples to expand the geochemical and geological understanding of the Cervantes project.
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Mapping is set to primarily focus on the California target, while reconnaissance surface work will focus on the California North, Jasper, Jacobo, Estrella, Purisima, Brazil, La Verde, and El Indio targets to better refine targets for drilling.
The phase one exploration program is slated to be completed in the dry season, which runs from December through to May. Two teams are currently planned to execute on the program.
The phase two exploration program meanwhile is scheduled for the second quarter of 2023, and is currently planned to consist of a 26 hole, 4,000 metre reverse circulation drill program. The program is estimated to run from mid-April through to June, to avoid drilling during the rainy season. The program intends to expand the California target in all directions, and work to connect it to the California Norte target, while expanding known mineralization of the latter as well.
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Overall, Aztec aims to continue to define the open pit heap leach gold potential of California, while testing down-dip extensions for further copper-gold porphyry sulfide mineralization, and test for extensions to California Norte.
The program as a whole is expected to come in at about $1.2 million.
The planned exploration follows a program conducted last year by the company, which saw the final results posted in November. Results from that program included 0.581 g/t gold over 85.5 metres, and 0.677 g/t gold over 120.0 metres, among other results.
Aztec Minerals last traded at $0.30 on the TSX Venture.
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